Markets Actual Q4 Q1 Q2 Q3 2021
Currency 8.32 8.41 8.5 8.6 8.7 8.9
Stock Market (points) 1112.37 1088 1051 1015 980 910
Government Bond 10y (%) 14.10 14.54 14.92 15.31 15.71 16.51

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -11.00 1.5 0.9 1.4 1 1.1
GDP Annual Growth Rate (%) -9.90 -4.2 3.8 10.5 6.1 5.1
Unemployment Rate (%) 13.40 18 17.5 16 15.2 14.7
Inflation Rate (%) 11.75 10 8.9 7.5 7.2 6.8
Inflation Rate Mom (%) 0.97 0.5 0.6 0.5 0.6 0.4
Interest Rate (%) 10.25 12 12 10.5 10.5 10.5
Balance of Trade (USD Million) -4827.67 1000 -1700 600 2380 100
Current Account (USD Million) -4631.00 -1600 -1600 -1780 -2680 -2200
Current Account to GDP (%) 1.20 -3.4 -2.8 -2.8 -2.8 -2.8
Government Debt to GDP (%) 33.10 40.5 45.6 45.6 45.6 45.6
Government Budget (% of GDP) -2.90 -8.5 -7.1 -7.1 -7.1 -7.1
Business Confidence (points) 108.10 96 80 86 91 90
Manufacturing PMI (points) 52.80 49.5 50.5 54 53.6 52.5
Consumer Confidence (points) 81.90 68 60 65 69 75
Retail Sales MoM (%) 1.40 1.1 1.5 0.8 -1.2 0.5
Corporate Tax Rate (%) 22.00 22 20 20 20 20
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -11.00 1.5 0.9 1.4 1 1.1
GDP Annual Growth Rate (%) -9.90 -4.2 3.8 10.5 6.1 5.1
GDP (USD Billion) 754.41 650 740 740 740 740
GDP Constant Prices (TRY THO) 386508425.70 464580558 458290356 421222541 427091810 477124233
Gross Fixed Capital Formation (TRY THO) 101283418.30 124449639 116575887 105098926 111918177 127809779
GDP per capita (USD) 14999.00 13600 14400 14400 14400 14400
GDP per capita PPP (USD) 28167.40 26700 27500 27500 27500 27500
GDP From Agriculture (TRY THO) 18683446.00 25536620 24541654 11650955 20645208 26226109
GDP From Construction (TRY THO) 28947529.10 31912398 28395163 25477042 31987020 32774032
GDP From Manufacturing (TRY THO) 56957006.40 75953530 74969915 72706680 62937492 78004275
GDP From Public Administration (TRY THO) 45602560.83 46361126 45352558 50221814 50390830 47612877
GDP From Services (TRY THO) 76463061.30 109992464 109496895 96758642 84491683 112962260

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 13.40 18 17.5 16 15.2 14.7
Employed Persons (Thousand ) 27263.00 24700 25200 25800 26200 26600
Unemployed Persons (Thousand ) 4227.00 5510 5410 4980 4840 4750
Labor Force Participation Rate (%) 49.30 48.2 49.1 50.5 51.7 52.5
Long Term Unemployment Rate (%) 2.80 3.2 3.2 3.8 3.6 3
Youth Unemployment Rate (%) 25.90 26.7 26.2 24.7 23.9 23.4
Labour Costs (points) 256.60 200 192 198 206 208
Minimum Wages (TRY/Month) 2943.00 2943 3680 3680 3680 3680
Wages in Manufacturing (points) 182.65 175 185 192 197 206
Population (Million) 83.15 84.38 83.81 83.81 83.81 85.57
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 60.00 60 60 60 60 60
Employment Rate (%) 42.60 43 43.7 44.2 44.7 45

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 11.75 10 8.9 7.5 7.2 6.8
Inflation Rate Mom (%) 0.97 0.5 0.6 0.5 0.6 0.4
Consumer Price Index CPI (points) 477.21 485 491 501 512 518
Core Consumer Prices (points) 405.25 429 409 411 427 453
Core Inflation Rate (%) 11.32 9.8 9.5 8.5 8 7.5
Producer Prices (points) 515.13 491 504 519 553 525
Producer Prices Change (%) 14.33 8.1 7.5 7 7.4 6.9
Food Inflation (%) 14.95 10 10 8 8.2 7.5
Cpi Housing Utilities (points) 514.76 536 541 538 552 573
CPI Transportation (points) 470.38 468 456 477 504 499
Harmonised Consumer Prices (points) 182.90 186 188 192 196 198

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 10.25 12 12 10.5 10.5 10.5
Interbank Rate (%) 14.97 13.79 13.79 12.29 12.29 12.29
Money Supply M1 (TRY Thousand) 1230903566.40 1414000000 1495000000 1575000000 1665000000 1815000000
Money Supply M2 (TRY Thousand) 3274777899.60 3497000000 3654000000 3799000000 3846000000 3955000000
Banks Balance Sheet (TRY Thousand) 5613388052.00 5909000000 6109000000 6242000000 6385000000 6549000000
Loans to Private Sector (TRY Thousand) 1702718610.00 1678000000 1254073554 1489302495 1777890451 1318031305
Deposit Interest Rate (%) 8.75 8.75 8.75 7.25 7.25 7.25
Lending Rate (%) 11.75 11.75 11.75 10.25 10.25 10.25
Private Debt to GDP (%) 163.70 165 171 171 171 171
Cash Reserve Ratio (%) 17.00 17 17 17 17 17
Central Bank Balance Sheet (TRY Thousand) 1129085410.00 1295000000 1542000000 1689000000 1592000000 1605000000

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (USD Million) -4827.67 1000 -1700 600 2380 100
Current Account (USD Million) -4631.00 -1600 -1600 -1780 -2680 -2200
Current Account to GDP (%) 1.20 -3.4 -2.8 -2.8 -2.8 -2.8
Imports (USD Million) 20836.92 18400 17200 14400 14900 19100
Exports (USD Million) 16009.24 16700 17800 16780 16900 17200
External Debt (USD Million) 421826.00 465000 475000 481000 487000 495000
Capital Flows (USD Million) -3711.00 -1870 -1840 -780 1250 2850
Foreign Direct Investment (USD Million) 833.00 650 720 590 650 690
Tourism Revenues (USD Million) 4044.00 4500 3760 6500 5100 5200
Tourist Arrivals (Persons) 2203482.00 1400000 1500000 2910000 3620000 1700000
Crude Oil Production (BBL/D/1K) 60.00 60 60 60 60 60

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 33.10 40.5 45.6 45.6 45.6 45.6
Government Budget (% of GDP) -2.90 -8.5 -7.1 -7.1 -7.1 -7.1
Government Budget Value (TRY Thousand) -29436117.00 -46000000 -46000000 -14600000 -18900000 -38000000
Government Spending (TRY THO) 61578543.60 77500000 62800000 68000000 66700000 65900000
Government Revenues (TRY Thousand) 76876672.00 68800000 46000000 68500000 58800000 76500000
Government Debt (TRY Million) 1862900.00 1910000 1960000 1990000 1970000 1940000
Fiscal Expenditure (TRY Thousand) 106312789.00 125000000 98000000 101000000 94000000 119500000

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 22.00 22 20 20 20 20
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 37.50 37.5 37.5 37.5 37.5 37.5
Social Security Rate For Companies (%) 22.50 22.5 22.5 22.5 22.5 22.5
Social Security Rate For Employees (%) 15.00 15 15 15 15 15

Business Actual Q4 Q1 Q2 Q3 2021
Business Confidence (points) 108.10 96 80 86 91 90
Manufacturing PMI (points) 52.80 49.5 50.5 54 53.6 52.5
Industrial Production (%) 10.40 -2.8 2.5 4 2.9 5.4
Industrial Production Mom (%) 3.40 0.9 1 0.6 -1.6 0.5
Manufacturing Production (%) 11.40 -3 2.8 4.4 2.5 5.5
Capacity Utilization (%) 75.40 72 74 75.8 75.5 75
Bankruptcies (Companies) 1582.00 3200 1750 1560 2210 2520
Total Vehicle Sales 90619.00 69000 48000 44800 42100 75000
Car Production (Units) 142129.00 125400 115400 99500 130200 136400
Car Registrations 105732.00 51000 55000 38700 45700 59000
Leading Economic Index (%) 4.46 -4.2 3.8 4.5 6.4 5.1
Mining Production (%) 5.20 -4 -4 2.5 5.6 4.4

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) 81.90 68 60 65 69 75
Retail Sales MoM (%) 1.40 1.1 1.5 0.8 -1.2 0.5
Retail Sales YoY (%) 5.80 2.7 3.6 5.5 5.6 6.2
Consumer Spending (TRY THO) 230395356.80 265070350 265625798 250362171 254586869 272227250
Consumer Credit (TRY THO) 807201439.00 531188332 563966366 663209474 760396949 545530416
Private Sector Credit (TRY Thousand) 2730732997.00 2081000000 1993290339 2346936474 2819600234 2094948147
Households Debt To GDP (% of GDP) 15.10 19 25 25 25 25
Economic Optimism Index (points) 92.80 78 81 84 87 85
Gasoline Prices (USD/Liter) 0.82 1.14 0.78 0.74 0.7 1.08

Housing Actual Q4 Q1 Q2 Q3 2021
Housing Index (points) 144.40 125 129 130 134 138
New Home Sales (Units) 52123.00 94400 55400 67800 68500 105500
Housing Starts (units) 8207.00 6900 4900 1750 3600 9100
Home Ownership Rate (%) 59.10 60 59.5 59.5 59.5 59.5
Building Permits 72032.00 65000 32000 6500 15600 85000
Existing Home Sales (Units) 118285.00 132500 84800 137900 119200 142500


This page has economic forecasts for Turkey including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Turkey economy.